October 12, 2013
I support Dodd-Frank rule 953(b).
Wall St redistributes wealth from the many to the few and is responsible for the gross income inequality in our society. Cuts to the capital gains tax along with the predatory and fraudulent business model of the financial sector has stunted our economic growth while continuing to concentrate wealth among a tiny elite minority. Wall St no longer grows businesses that provide jobs and economic growth. They just make money for themselves at the expense of their clients and taxpayers.
In spite of the fact that American workers are more productive than ever, working Americans are earning less and less as CEO pay balloons and corporate profits soar.
Disclosing corporate pay ratios between CEOs and average employees will finally show which corporations are driving this trend, which siphons money away from investors, and into the pockets of CEOs. In 1990, senior executive pay absorbed 5 percent of corporate profits. Today, according to Government Metrics International, it absorbs 10 percent.
Fairer pay structures mean stronger companies and a stronger economy – both of which are important to me as a consumer and as an investor.
No doubt there are a select few who benefit from the status quo of keeping the pay disparities undisclosed. Stand firm, and implement the law as written.
Thank you for considering my comment,
Stephen Blake
Clemmons, NC